“A STUDY OF INTELLECTUAL PROPERTY RIGHTS AND ITS
SIGNIFICANCE FOR BUSSINESS.”
SNEHA YADAV
ABSTRACT
Intellectual property refers to the creation of inventions. Literary and artistic works. The same
goes for symbols, names, and images used in commerce. They are like other property rights.
These allow the creator or owner of a patent, trademark, or copyrighted work to profit from
the investment in his or her work or creation.
These rights are set out in Article 27 of the Universal Declaration of Human Rights, which
provides for the right to protect the moral and material interests arising from the authorship of
scientific, literary and artistic works. Literary and artistic works. Draft; as well as symbols,
names and images used in commerce. This document also examines the history of intellectual
property, its purpose, and types of intellectual property rights.
Intellectual property rights (IPR) are defined as ideas, inventions, and creative expressions
based on the public will that confer the status of property. IPR grants certain exclusive rights
to the inventor or creator of the property, allowing them to derive commercial benefits from
their creative efforts and reputation. intellectual property are of numerous type such as
protection, including patents, copyrights, and trademarks. Patents recognize inventions that
meet global standards of novelty, no obviousness, and industrial applicability.
Keywords: Intellectual property rights; patents; Indian patent office; copyright; trade secrets;
INTRODUCTION
Intellectual property (IP) refers to the exclusive rights associated with intellectual creations.
Intellectual property law can protect intangible assets such as inventions, literary works,
works of art, designs, words, symbols, and images. This protection can be achieved through
various types of intellectual property rights (see the Types of Intellectual Property Rights
section for more information), such as patents, trademarks, industrial designs, and copyrights,
from which owners can obtain recognition or You can get financial benefits. Drawing
creation or invention.
Intellectual property (IP) is a category of property that includes the intangible creations of
human intelligence. There are many types of intellectual property, and some countries
recognize more intellectual property than others. Although early pioneers of some types of
intellectual property existed in societies such as ancient Rome, the modern concept of
intellectual property developed in England in the 17th and 18th centuries. Although the term
"intellectual property" was first used in the 19th century, it was not until the late 20th century
that intellectual property became commonplace in most legal systems around the world.
To accomplish this, the law grants individuals and businesses ownership rights to the
information and intellectual property they create, usually for a limited time. This creates
economic incentives for creation, as people can profit from the information and intellectual
property they create. These economic incentives are expected to stimulate innovation and
contribute to countries' technological progress, depending on the level of protection provided
to innovators.
THE ORIGINS OF IPRs:
The idea of IP dates back to 500 BC. B.C. The system came about because the Greek state of
Sybaris allowed its citizens to obtain patents on "all new refinements of luxury." Since then,
improvements have been made and copyright and trademark laws have become more
complex. However, the purpose of the law is always the same. This law was enacted to
encourage people's creativity and allow inventors to reap the benefits of their unique ideas.
IPR is not a new concept.
Intellectual property rights are thought to have originally originated in northern Italy during
the Renaissance. In 1474, Venice passed a law regulating patent protection, giving exclusive
rights to owners. Copyright dates back to 1440 AD, when Johannes Gutenberg invented a
printing press with replaceable or movable wooden or metal letters. At the end of the 19th
century, several countries found it necessary to enact laws to regulate intellectual property
rights. Two treaties were signed around the world that form the basis of his global IPR
system. Paris Convention for the Protection of Industrial Property (1883) Berne Convention
for the Protection of Literary and Artistic Works (1886).
THE IMPORTANCE OF INTELLECTUAL PROPERTY RIGHTS:
Intellectual property plays an important role and is at the core of every company. Business
units must be motivated to identify and implement IP solutions that will help the company
reach new heights of success. The myth that only lawyers can or can handle IP assets is
bullshit. This is because proper management and strategy for intellectual property assets is
paramount for a company to establish itself as a market leader. Developing skills and
capabilities to manage intellectual property has become essential for sustainable
competitiveness. Management professionals are best suited to manage and commercialize
these assets and generate revenue.
Knowledge has become a key element that distinguishes companies from their competitors. .
As Henry Ford aptly stated, the only real security humans have in today's world is the
treasure trove of knowledge. But it is most important that this reservoir is protected by
various ownership rights of the human heart. IP assets are critical business assets that must be
used and managed effectively to achieve and maintain competitive advantage.
Companies engaged in intellectual property law have exclusive rights to innovative new or
original products, creative designs, and brands. Exclusivity creates the right incentives to
invest in improving competitiveness. Companies build a strong sense of goodwill among
consumers through their brands. A brand acts as a sign of quality and is a source of a
particular product or service of great value. A brand or brand is seen by a customer or
customer as a direct reflection of the owner. Copyright is an invaluable asset not only for
creative and software companies, but also for the media and film industries. This protection
allows companies to stay in business amidst fierce competition. It is no secret that intellectual
property occupies a strong position when entering into business partnerships.
The intellectual property asset class generates revenue for businesses through licensing,
franchising, and selling unique products and services. In the case of a merger or acquisition,
protected intellectual property can significantly increase a company's value. The importance
of intellectual property is also evident in export markets. Protected intellectual property assets
can be exported abroad or entered into franchise agreements with foreign companies. It is
important to note that the world's largest multibillion dollar companies, namely Apple,
Microsoft, and Blackberry, generate strong revenue streams due to their extensive intellectual
property assets. Achieve the highest possible returns through a strong IP portfolio that can be
used to increase revenue through license streams.
The rapid pace of development, globalization, technological advances, increased commercial
activity, development of international business, and last but not least the increase in
knowledge has made companies increasingly aware of the importance of intellectual property
and its importance in business growth. I started to recognize my gender. There are conflicts in
the industry and we need to realize the importance and necessity of this class of assets in
order to survive and grow at the desired pace. Because these assets no longer only give the
organization exclusivity, but are also essential to its creation. Extremely important to the
company. To conclude, I would like to quote a famous American businessman, Mark Getty.
He aptly states that intellectual property is directly proportional to the growth of any business
organization. ." One hundred years ago. They all made money by mining and transporting
natural resources. All of today's richest people make money from intellectual property.
TYPES OF INTELLECTUAL PROPERTY:
1.PATENTS:
Patents are one of the most important types of intellectual property rights. This is "a
government power or license that gives an individual or organization the right or title for a
specified period of time to invent a new field, especially the exclusive right to exclude others
from making, using, or selling their inventions." It is defined as If you come up with
something, contact the Patent Office, provide details of your product or process, and receive
"property" protection for a fee. This is justified because these people have invested years and
significant resources into developing something and want to get paid for their efforts. Patents
serve as an incentive to invent new products and processes and are an essential part of a
culture of innovation and growth. Patent protection is only granted for a limited period of
time, for example 10 years or 20 years.
Different Types of Patents:
I. Utility Models: Utility patents refer to patents where the functional aspects of the
patent are protected. H. Mechanism of invention. In a utility model patent, the subject
matter may include a new and useful machine, process, or compound, or an
improvement on an existing machine, process, or compound. These patents can be
further classified into electronic, chemical, software, mechanical, or other fields
depending on the invention.
II. II. Design Patent: A design patent is a patent relating to the appearance, shape, or
composition of an object. It is important that this new design is an integral part of this
object.
2.TRADEMARK:
A trademark is a distinctive feature that helps consumers identify the source of particular
goods or services. It can take the form of text, words, numbers, phrases, symbols, designs,
signatures, smells, shapes, colours, sounds, packaging, textures, or a combination of these
elements. The intention behind a unique trademark is that consumers can associate a
particular trademark with the manufacturer of goods or, in the case of services, with the
service provider. This helps assure customers that the goods are of a certain quality and type.
It also creates trust and a good reputation for the manufacturer or service provider. Example:
When a consumer sees a new product with this mark below, he can easily tell that the product
is owned by his Apple Inc. This is the power that symbols can generate and bring goodwill to
brand owners.
The TATA family name is used in the brand names of the Tata group of companies. Symbols
are also becoming more important, such as McDonald's golden arches symbol. Currently, if a
certain type of trademark is registered in the name of a trademark owner, the same trademark
can be registered in another person's name in a different product category. Example: Nike Inc.
He is the owner of NIKE, a famous brand of shoes, clothing, and sporting goods. On the
other hand, Nike has registered the trademark ``NIKE'' for heavy equipment such as
hydraulic jacks. However, a company or individual can protect all types of trademarks if they
wish.
Trademark applications must be filed with the trademark office of the country where the
trademark is to be protected. Applicants must also appropriately select the goods or services
they wish to feature with that particular mark. It is also important that the trademark is
registered in the relevant industry.
3. COPYRIGHT:
Copyright refers to the rights granted to creators, authors, artists, and composers in “original”
creative works, or to performers, artists, and broadcasters in rights related thereto. Like patent
law, copyright is also a monopoly law. Copyright gives authors the exclusive right to sell,
publish, and reproduce literary, musical, dramatic, artistic, or architectural works created by
them. Therefore, there are countless types of works that are subject to copyright, including
books, stories, novels, poems, plays, newspapers, magazines, advertisements, movies,
computer programs, databases, musical compositions, songs, choreography, videos, and
paintings. , drawings, photographs, etc. , sculpture, architecture, maps, technical drawings. In
some cases, copyright and other forms of intellectual property may overlap. You need to
understand the differences and properly protect your intellectual property. In computer
software, copyright begins with the creation of the code. However, if you create a new
proprietary process, it may be subject to a patent. Even with slogans and logos, text and
images are not well protected by copyright, only by trademark law.
4.TRADE SECRET:
Trade secrets are an important aspect of intellectual property law. As the name suggests, this
refers to corporate secrets that help companies gain economic advantage over others. If trade
secrets are leaked, companies can suffer significant losses and irreparably damage their
reputations. Trade secrets may take the form of confidential information, data, formulations,
compositions, processes, designs, methods, compilations, or any combination of one or more,
which shall remain exclusively with us. trade secrets are protected without registration.
Unlike patents, where all claims and methods are made public when a patent application is
filed, the same process cannot be followed for trade secrets. A striking example of this is the
Coca-Cola recipe. It is true that the Coca-Cola Company did not patent its recipe because
otherwise it would be leaked. Coca-Cola officials are so accurate that it is said that two
employees who know the recipe only know half of it, and that no one knows the recipe as a
piece of information.
5. INDUSTRIAL DESIGNS:
In a legal sense, industrial design refers to the decorative or aesthetic aspects of an article
and, as a rule, consists of three-dimensional features. If such action is taken, the owner of a
registered design or design patent shall be prohibited from manufacturing, selling, or
importing any article bearing or embodying a design that is a copy or substantially a copy of
the protected design. We reserve the right to prohibit third parties. For commercial purposes.
Industrial design applies to a wide range of industrial and craft products, from packaging and
containers to furniture and household goods, lighting fixtures to jewellery, electronics to
textiles. Industrial design can also relate to graphic symbols, graphical user interfaces (GUI),
and logos.
CONCLUSION:
It is clear that the management of intellectual property and intellectual property rights is a
multifaceted task, requiring many different measures and strategies that need to be
harmonized with national laws and international treaties and practices. It is no longer
determined solely by a purely national point of view. Intellectual property and related rights
are significantly influenced by market needs, market reactions, and the cost of implementing
intellectual property into commercial operations. In other words, commercial and commercial
considerations are important in the management of intellectual property rights. Different
forms of intellectual property rights require different treatment, management, planning, and
strategy, as well as the involvement of people with different expertise in science, technology,
medicine, law, finance, marketing, economics, etc. is also required. Each industry must
develop its own IP policies, management styles, strategies, etc., depending on its area of
expertise. Intellectual property strategies are currently evolving in the pharmaceutical
industry. Given the possibility that some intellectual property rights may be invalid, antitrust
laws are in place to ensure that invalid rights are not unlawfully asserted to establish and
maintain a limited but unlawful monopoly within the pharmaceutical industry. It is necessary
to intervene. In this context, there is still much to unravel. To conclude our discussion of
intellectual property rights, particularly patents, trademarks, copyrights, and trade secrets, we
would like to emphasize that these intellectual property rights are financial assets. Careful
protection of intellectual property rights, not just registration, is an essential path to economic
growth.
